Marketing Strategies and Competition Insights
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Marketing Strategies and Competition Insights

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Questions and Answers

What are the 2 Cs of marketing?

  • Customer and Communication
  • Cost and Collaboration
  • Choice and Convenience
  • Customer and Competition (correct)
  • What percentage of a marketer's effort should focus on the top customers?

  • 60%
  • 50%
  • 70%
  • 80% (correct)
  • What happens to sales when more competing products are introduced in the market?

  • Sales of your own products may decrease. (correct)
  • Sales will remain unaffected.
  • Sales will shift to online platforms.
  • Sales will increase significantly.
  • What is an example of direct competition?

    <p>A McDonald's Big Mac and a Harvey's burger</p> Signup and view all the answers

    Which scenario best describes indirect competition?

    <p>A family sedan and a recreational vehicle.</p> Signup and view all the answers

    What is a characteristic of gaining a large market share?

    <p>It indicates effective competition management.</p> Signup and view all the answers

    Which of the following statements about target markets is true?

    <p>Target markets consist of prime groups ready to purchase.</p> Signup and view all the answers

    Why is it important to size up the competition?

    <p>To convince customers of one's product's superiority.</p> Signup and view all the answers

    What is a major goal of every Canadian business?

    <p>Gaining significant market share</p> Signup and view all the answers

    Which of the following is NOT a benefit of competition for consumers?

    <p>Fewer product choices</p> Signup and view all the answers

    Which skills are deemed valuable in the marketing aspect of a business?

    <p>Literacy and numeracy</p> Signup and view all the answers

    How can individuals gain practical marketing experience?

    <p>By working in a marketing department or volunteering</p> Signup and view all the answers

    What is one key factor that competition influences in the market?

    <p>The speed of product introduction</p> Signup and view all the answers

    Where are marketing courses commonly available?

    <p>In most high school business programs</p> Signup and view all the answers

    Which statement is true regarding consumers and product choice?

    <p>Consumers must carefully evaluate products to avoid unnecessary purchases.</p> Signup and view all the answers

    Which of these is NOT commonly associated with successful competition among businesses?

    <p>Higher production costs</p> Signup and view all the answers

    Study Notes

    The Importance of Customer and Competition

    • Marketers prioritize understanding their customers and competitors.
    • Target markets are customer groups likely to purchase products or services.

    Target Market Strategies

    • Focus 80% of marketing efforts on the 20% of customers who regularly purchase or are likely to purchase products.

    Assessing and Sizing Up Competition

    • Size up the competition to understand how many competing products are being sold and how it may impact sales.
    • Convince customers why your product is superior to competitors' offerings.

    Direct Competition

    • Direct Competitors offer virtually identical products, such as a McDonald's Big Mac and a Harvey's burger.

    Indirect Competition

    • Indirect Competitors offer different products, but they can be substitutes for each other, such as a Honda CRV (recreational vehicle) and a Toyota Camry (family sedan).

    Gaining Market Share

    • Gaining a large market share indicates success in overcoming competition and attracting a significant share of purchases.
    • This is a goal for many Canadian businesses.

    Marketing Training and Education

    • Literacy and numeracy are valuable skills in marketing.
    • Marketing courses are offered at many high schools and business schools across Canada.
    • Gain hands-on experience through marketing department work or volunteering for non-profit organizations.

    Benefits of Competition for Consumers

    • It encourages higher-quality products, greater product variety, faster product releases, and lower prices.

    Considerations for Consumers

    • Be cautious when comparing products to avoid making unnecessary purchases.
    • Weigh the benefits and drawbacks carefully before making a decision.

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    Related Documents

    The 2Cs of Marketing PDF

    Description

    Explore the significance of understanding customers and competition in marketing. This quiz covers target market strategies, assessing competition, and the distinction between direct and indirect competitors. Gain insights on how to effectively position your product in the market.

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